The strong beat and accelerating top-line growth should drive positive reaction. With no forward guidance, watch the conference call for commentary on pricing, demand trends, and any shift in capex plans. The improved balance sheet and cash generation provide flexibility.
Price Chart
Executive Summary
Saia reported Q2 2026 revenue of $956.5M (+17.1% YoY) and diluted EPS of $3.51, beating consensus of $3.39 (+3.5%). Operating income rose 26% to $125.2M and the operating ratio improved to 86.9% from 87.8%. The strong results mark a clear acceleration from Q1's flat EPS and 2.4% revenue growth, driven by record tonnage, shipment growth, and disciplined execution. No forward guidance was provided beyond reiterating the $350-400M capex range.
Key Financial Metrics
Key Facts
- Revenue: $956.5M, +17.1% YoY (vs $817.1M in Q2 2025)
- Diluted EPS: $3.51, +31.5% YoY (vs $2.67) and beat consensus of $3.39 by 3.5%
- Operating income: $125.2M, +26.0% YoY
- Operating ratio improved to 86.9% from 87.8%
- LTL tonnage per workday +8.4%, shipments per workday +4.4%
- Record-low claims ratio of 0.3%
- Net debt reduced to $100.1M from $309.1M a year ago
- Cash flow from operations (6M 2026): $291.2M; free cash flow (6M 2026): $130.2M after capex of $161.1M
- Capex guidance maintained at $350-400M for full year 2026
Financial Impact
Revenue +17.1% YoY, EPS +31.5% YoY, operating margin expanded ~90bps
Risk Factors
- Fuel surcharge revenue per cwt declined 2.2% YoY, indicating pricing headwinds
- LTL revenue per hundredweight ex-fuel fell 2.2%
- Macroeconomic slowdown could pressure freight volumes
- Execution risk on network expansion (218 terminals now vs 214 a year ago)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-324937 |
| Document: saia-20260730.htm | 0001193125-26-324937 |
| Document: 0001193125-26-324937-index-headers.html | 0001193125-26-324937 |
| Document: 0001193125-26-324937-index.html | 0001193125-26-324937 |
| Document: 0001193125-26-324937.txt | 0001193125-26-324937 |
| 8-K Data (Synthetic) | 0001193125-26-324937 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 29d ago | 8-K | $345.81 $351.05 | ▲ +1.52% | ▲ +2.66% | $351.44 (+1.63%) |
Sep 3, 2026 29d ago | Press Release | $345.81 $351.05 | ▲ +1.52% | ▲ +2.66% | $351.44 (+1.63%) |
Jul 30, 2026 9w ago | 8-K | $350.63 $361.82 | ▲ +3.19% | ▼ −0.43% | $351.44 (+0.23%) |
Jul 1, 2026 13w ago | Press Release | $418.15 $416.00 | ▼ −0.51% | ▼ −0.78% | $351.44 (−15.95%) |
Jun 11, 2026 16w ago | Institutional Cluster | $487.14 $425.86 | ▼ −12.58% | ▼ −13.01% | $351.44 (−27.86%) |
Jun 2, 2026 17w ago | 8-K | $471.15 $479.30 | ▲ +1.73% | ▲ +4.69% | $351.44 (−25.41%) |
Jun 2, 2026 17w ago | Press Release | $471.15 $479.30 | ▼ −1.73% | ▼ −4.69% | $351.44 (+25.41%) |
May 6, 2026 21w ago | 8-K | $448.94 $431.42 | ▼ −3.90% | ▼ −5.41% | $351.44 (−21.72%) |
Apr 30, 2026 22w ago | 8-K | $448.82 $448.94 | ▲ +0.03% | ▼ −1.70% | $351.44 (−21.70%) |
Mar 30, 2026 26w ago | Press Release | $351.28 $400.31 | ▲ +13.96% | ▲ +10.01% | $351.44 (+0.05%) |
US Market Status
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